Glonghui, Feb. 28 | Lyon published a report to raise the rating of Lingzhan from “outperforming the market” to “buy”, and the target price was raised from HK$42 to HK$46. Lyon believes that Lingzhan is the most defensive owner in Hong Kong because according to the bank's recent shopping mall survey, the impact of cross-border consumption outflows is limited; the latest Shanghai asset acquisition further increases net asset value, profit, and profit per share; the resumption of repurchases should help support stock prices; and the current 6.8% dividend rate is more attractive than the 4.3% 10-year US Treasury yield.